The Internet is having a profound effect on shareholder communications and proxy voting. This is particularly true with respect to the manner by which public companies communicate with their shareholders who hold shares through broker-dealers, banks and other nominees.
State statutes require corporations to hold annual shareholder meetings. Most shareholders of public companies (i.e., registrants) do not hold certificates for securities registered in their names, but rather hold securities in “street name,” through a bank, a broker or some other nominee. The records of registrants, therefore, show the nominees as the registered owners of these securities.
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